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of your big customers are governments on every level. how did cisco avoid the financial struggle of those marketplaces this last quarter? talk to us about government and europe which were the two soft spots. >> sure. well, maria, i wish i could tell you we avoided them. what we did is those are clearly negative drives on the growth. our growth numbers were extremely good. if you look at europe we are starting to see potentially early signs of improvement there, but i wouldn't think of europe as one europe. think of it as germany, northern europe, uk, central europe, southern europe and eastern. the northern and uk europe are actually showing early signs of turning the right way. southern europe is really going to be challenged for a while so it was mixed in europe. we did start to see government, however, around the world loosen up the purse strings a little bit. nothing to write home about but in the u.s., for example, state and local governments grew for us and federal was not down year over year as we've seen in prior quarts. >> do you have any clarity on what this tells you in terms o
at the corporate governance issue. are they reinvesting in the business for growth? i actually think the big surprise for a lot of people is how strong growth could actually be. not necessarily those that pay a dividend, but those that create shareholder value. >> that would be something we want to see given we've been on this stagnant move. final word here, go ahead, sir. >> maria, one thing. we forget demographics. they talk about the fed pushing on a string relative to interest rates where the inflation rate is. but demographics, there's a huge swath to this country that no matter how you make the only game in town, they're going to stick with their investments because of where they are in the maturity cycle of their own lives. >> yeah. that's a fair point. absolutely. >> until it starts creeping up. once it starts to creep up and people get their statements, people are going to become worried. if the bond market moves 50 basis points, people are going to lose their whole coupon for the year. >> great point. we'll leave it there. >> let's face it. it's not just demographics. >> final word
the treasury is paying only 2%. for example, the world over there is a contest by governments to cheapen their currencies. the strong currency is the old maid of world monti affair. the value banks the world over are going to ease and hyper ease and people we thought are extremely radical in their monetary predilections like ben bernanke are about to be outflanked by others still more radical so the monetary revolution is devouring its children. and the principle under, you know, support of the argument that treasury and government yields ought to be 2% or 3% is that there is kind of a persistent deflationary undertone in the world, that the credit is contracting, and the debt is -- how is it then that corporations are floating record volumes of junk bonds at record low yield, about a dozen junk bonds came in the past six weeks at yields of less than 5%. they have taken the highs out of high yields and yields out of high yields. >> so, i mean, why is that. what do you think the answer is? >> i can explain it this way. i submit to you that muscle memory is about the most important unrecog
automatic spending cuts will slice through the federal government unless coming makes a deal. the problem is congress is gone. eamon javers is in washington where our lawmakers apparently are not. hello, eamon. >> reporter: a little lonely here, that's right. the day of reckoning here is march 1st for the automatic spending cuts known as the sequester, you go as you say, congress is now going on vacation back home. they work in their districts, but they are not going to be working on federal laws here in washington, and that has got some people kind of upset. house democratic leader nancy pelosi earlier today says she thinks they should be right here working straight up to the sequester. take a listen. >> the manufacturer to manufacture the crisis and instead having us try to avert crisis they go on a thoin-day recess. why? why? people inside and outside the congress are saying a simple message. no deal. no break. we really should be here. >> well, they are not here, maria, and they do go on that break and there is no deal. i've got to tell you in talking to people here in town. seems mor
Search Results 0 to 3 of about 4